A few conditions or options to trigger a Call play or Put play with a longer trending Call play. Out-of-the-money Options .01 to .04 per contract, 900 to 280 contract options (100 shares per contract); .05 to .12, 250 to 100 contract options .12 to .25 100 to 50 contract options.
Some rules: Do not hold contracts when nearing in-the-money. Rollover Calls and or Puts if pattern breaks or breaks down. If buying or selling options after mid-day trade on expiration day, execute trades within .50 of price target and bump up/down .50 if S&P is on a run or breaks given the adequate time (more than 40 mins. until expiration unless rare case extreme high implied volatility- i.e. 08-09 crash/flash crash/US downgrade).
If all else stop trading to rest and rethink strategy. *These are high risk trades. Only risk very little and reap big rewards if correct.
If we price 140.90 or below .. closing 35 contracts 143 Call position (selling) -- Purchased for .88 -- limit order open to close -- for .08 or equal to .80 per contract x 35 contracts x 100 shares
If we breach 141 tomorrow... selling 52 contracts 140 puts Purchased for .24 -- limit order sell to close -- for .71 per contract x 52 contracts x 100 shares
Also have 64 contracts 139.50 Puts... will continue to add if 140.40 is breached. I'll wait for retest 140.80 and buy more later in the week.
For now the plan will be selling at 140.80. Purchased 139.50 Puts for .20 per contract and selling 65 contracts for .57 x 100 shares